Ghaziabad development body plans 13,000 PMAY houses by 2019

GHAZIABAD: The Ghaziabad Development Authority has fixed a bull's eye to construct 13,500 houses under the Pradhan Mantri Awas Yojana (PMAY) by next coming year, but this construction has already started on only 850 units till now. The GDA will construct 36,000 houses overall under the scheme by 2021, this decision that was declared by vice-chairperson Kanchan Verma on her first day in office on Wednesday.

In reports, it is stated an instruction had come from Lucknow to focus on the housing scheme rather than the general election of 2019. “The GDA has previously referred a thorough project report to the state government for 7,066 entities under PMAY. We will shortly start work in six places to construct the housing entities,” Verma added.

It is mentioned By Colombia till now, construction buildings have commenced only in Madhuban-Bapudham, where 856 houses will be constructed. The other parts where the inexpensive house places would turn up by next year are Koyal Enclave (1,800), PratapVihar (1,910), Masuri (1,441), Newari (528) and Dasna (532). “But excepting Maduban-Bapudham, building work under PMAY is still to launch. I will be plot a high-level conference in a little while to accelerate the process,” said by Verma.

As per to the GDA’s plan, 13,500 houses would be constructed by 2018-19, 18,000 by 2019-20 and next 4,500 by 2020-21. Apart from the GDA, private developers have also been roped in for constructing houses under PMAY. “As of now, six constructors have turned up with an offer for 3,047 entities and it is being inspected by the GDA,” added an official. “Private developers obtain some incentives if they build houses under PMAY, which comprises 50% refund on development fee and without any charge on plot use.

But they have to finish the task within 24 months, otherwise they will not be permitted for these incentives,” he said. The builders that have guaranteed entities under PMAY include Signature Global Developers (873), SCC Builders (252), Jai Ambay Estate (147), Aradhya Builders (251), ATS (765) and Ajnara India Ltd (318). Each house constructed under the PM scheme budgets Rs 4.5 lakh, of which the Centre subsidizes Rs 1.5 lakh and the UP government Rs 1 lakh. The leftover amount has to be accepted by the recipient.

The NDA government has now taken a few steps towards constructing ‘Housing for all’ a reality by 2022. The Pradhan Mantri Awas Yojana (PMAY) has lately long-drawn-out its range to provide to the housing requirements of the mid-income group, in addition, the economically weaker sections (EWS) and low-income group (LIG). Initial this month, the Prime Minister gathered the substantial of loan eligible for interest benefits under the PMAY in metropolitan regions to ₹12 lakh.

What is it?

PMAY was hurled in June 2015. The Government foresees constructing reasonable pucca houses with proper water facility, sanitation, and electricity supply 24-hour. The scheme initially was intended to cover people in the EWS (annual income not exceeding ₹3 lakh) and LIG (annual income not exceeding ₹6 lakh) segments, but now shields the mid-income group (MIG) too.

PMAY scheme encompasses four major features. One, it targets to renovate slum areas by constructing houses for slum inhabitants in partnership with private builders. Two, it plans to provide a credit-related funding to feebler and mid-income divisions on loans obtained for innovative construction or restoration of prevailing homes.

An interest funding of 3 percent to 6.5 percent has been declared for loans that range between ₹6 lakh and ₹12 lakh. For those involved in the EWS and LIG group who want to take a loan of up to ₹6 lakh, there is an interesting funding (concession) of 6.5 percent for tenancy of 15 years. To this point, about 20,000 people have benefitted of loans under this scheme. This month, the Government augmented the loan amount to ₹12 lakh, directing the mid-income group. The interest funding on loans up to ₹12 lakh will be 3 percent. In rustic areas, interest subsidy of 3 percent is offered on loans up to ₹2 lakh for building new houses or addition of old homes.

Three, the Government will mark in with financial support for inexpensive housing projects completed in collaborations with States/ Union Territories for the EWS. Four, it will lengthen direct financial support of ₹1.5 lakh to EWS.

Why is it important?

Nowadays, while builders in India’s urban areas are meeting on lakhs of unsold dwellings estimate up to ₹50 lakh, the nation is projected to have an absence of almost 20 million housing entities required by the rural and metropolitan meagre, at very lower price facts of ₹5-15 lakh. The PMAY targets to address this loss. With the upsurge in funded loan amount to ₹12 lakh, the scheme is anticipated to cover a higher percentage of the borough poor.

The bottom line

It is now a right time that India’s realty majors monitored the lead of their FMCG peers and took a gaze at the end of the pyramid.